The IRS will not accept federal returns from taxpayers who claim itemized deductions until February 14. The delay is necessary for the IRS to program its systems to accommodate tax breaks included in the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010.
The delay affects you if you:
- claim mortgage interest
- make charitable deductions
- have medical and dental expenses
- are a teacher who claims the educator expense deduction
- are a parent or student deducting college tuition and fees
- claim state and local taxes
If you request an extension, you will have until October 17 to file their 2010 tax return, however, you need to pay any taxes due by April 18.
Federal Tax Filing Deadline Extended to April 18
The IRS is also delaying this year’s federal tax filing deadline to April 18. The normal deadline, April 15, falls on Emancipation Day, an official holiday observed in Washington, D.C.
State and local tax departments don’t have to follow the federal government’s deadline change, so check with your local tax department to determine if you still need to file taxes by the normal April 15 deadline.
Not a Reprieve for Taxpayers
Although it might sound like a reprieve, tax preparers will still need the same amount of time to prepare your itemized tax return. Because of these last-minute tax law changes, your preparer might actually need extra time to prepare your return. The process of actually filing the return is the least time-consuming part of the preparation process.
The timely collection and submission of tax information to your tax accountant will ensure continued swift and accurate processing of your return for 2010.